Tournament

So I had this idea...
Since there's a lot of 40s....(for the sake of the point, it wouldn't have to be just lvl 40s)
How about DM guided event? Some kind of a tournament,say, Lord Sten's newborn child or whatever.
...Of course there would be a entry payment...and for the total gold ammount, there would be some nifty prizes...
Criterias of the classes would be up to staff....if casters vs casters, anybody vs anybody, lvl 15-20s vs 15-20....
Thoughts? Discuss!


And yes. Game of Thrones gave me the idea.